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Gold/Mining/Energy : United Keno Hill, UKH, Toronto**** Opportunity Knocks! -- Ignore unavailable to you. Want to Upgrade?

To: Donald McRobb who wrote (619)	11/6/1997 1:16:00 AM
From: The Lone Ranger	Read Replies (1) \| Respond to of 1348

NDU Resources Ltd - Quarterly results NDU Resources Ltd NDU Shares issued 10045182 1997-10-31 close $0.52 Monday Nov 3 1997 An anonymous director reviews the company The exploration program at the company's Marg property began on June 4. Diamond drilling started on June 7 and continued until August 6. During that period seven holes totalling 2,540 metres were completed. On July 1 Mr Doug Goss was appointed vice president, business development and finance and the company entered into an agreement with Douglas Goss Professional Corporation to provide legal, management and general company administrative services to the company. In a news release in Stockwatch on July 28 it was announced that the company entered into a letter of intent with United Keno Hill Mines and Yukon Gold and Mineral Development to evaluate the merits of a joint operation between the company and UKH which would involve milling ore from the Marg property at UKH's mill in Elsa. The UKH mill lies about 40km west of the Marg property along the logical transport route. In the same release it was also announced that YGM had agreed to a private placement which will allow it to purchase a minimum of 600,000 and a maximum of 3,000,000 flow through common shares of the company for $1.00 each. Upon completion of the maximum subscription, YGM will be granted warrants to purchase up to an additional 3,000,000 flow through common shares, also at $1.00 per share. Proceeds of the private placement will be used by YGM to conduct a scoping study of the Marg property which may be followed by excavation of a decline to permit underground examination of the deposit. No new investor relations initiatives were undertaken during the last quarter and there have been no material differences in the actual use of proceeds from the previous disclosures by the company regarding its intended use of proceeds. Results from the diamond drill program at the Marg property were reported in Stockwatch on September 4. On September 3 the first $500,000 of the private placement with YGM was completed and a representative of YGM met with representative of the local First Nation. On September 9 a crew was mobilized to the property to prepare a portal site and camp area using a bulldozer that is stored on the property. On September 23 and 24 additional meetings were held between YGM, the First Nation and the Mayo District Renewable Resources Council while two diamond drills were demobilized from the property. On September 29 an agreement in principle setting out guidelines for negotiation of a more formal socio economic agreement was signed with the First Nation. A land use permit for construction of a winter road was expected to be issued on September 30.